A crypto exchange guide must provide reviews of all of the exchanges out there, so that you can find the right one for you. This review of SimpleSwap consists of four parts: general info, fees, deposit methods and security.
SimpleSwap is an instant crypto platform registered in the Marshall Islands. It launched in April 2018.
The platform has a straight-forward and easy feeling and you can exchange cryptocurrencies as well as buy crypto for fiat. SimpleSwap was created with the main idea to make the exchange process simple and without any complications like signing up.
The SimpleSwap trading system is integrated into the largest cryptocurrency exchanges (Binance, Kraken, etc.). There is no deposit storage, only instant coin exchanges. This means that SimpleSwap can find the most profitable exchange rates for their customers in a very short time.
As main advantages with its platform, SimpleSwap promotes that it has a wide range of coins with 300+ coins available for purchase, reliable service and 24/7 support.
The platform also has fiat support, a loyalty program and an affiliate program, which are three other factors that a potential user will most likely find useful.
SimpleSwap Mobile Support
Most crypto traders feel that desktop give the best conditions for their trading. The computer has a bigger screen, and on bigger screens, more of the crucial information that most traders base their trading decisions on can be viewed at the same time. The trading chart will also be easier to display. However, not all crypto investors require desktops for their trading. Some prefer to do their crypto trading via their mobile phone. If you are one of those traders, you’ll be happy to learn that SimpleSwap’s trading platform is also mobile compatible. You can download it to/from both the AppStore and Google Play:
SimpleSwap Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you.
The purchase interface at SimpleSwap is in our opinion very easy to understand if you’re new to crypto, yet it might not offer all the advanced buy/sell features more experienced traders might look for. It is, however, effective and intuitive. Here’s a peek at SimpleSwap’s interface:
SimpleSwap Trading fees
This particular platform is offers you the opportunity to swiftly and securely buy or sell crypto. This means that there are no charting tools, no order books, or anything like that. The trading view is the purchase interface included above in this review.
When buying at the platform, the purchase price offered by SimpleSwap will be higher than the market price. Conversely, when selling to the platform, the purchase price offered will be lower than the market price. The mark-up or mark-down is not specified anywhere. On the date of first writing this review (29 November 2020), we made a calculation by comparing the prices offered by SimpleSwap to the market prices listed by Coinmarketcap.com. These were the results:
Floating Rate Mark-up: 1.00%
Fixed Rate Mark-up: 5.26%
For comparison purposes in our Exchange List, we have used the floating rate mark-up as the taker and maker fee in our database. Please be advised though that part of the fees listed above consist of the trading fees charged by the relevant liquidity provider that SimpleSwap uses when executing your order.
It is difficult to compare the fees charged by SimpleSwap with the industry average trading fee at a regular centralized exchange (0.213% for takers and 0.16% for makers), seeing as they offer another type of service than most centralized exchanges do. But to conclude on the trading fees, there are definitely cheaper ways to obtain crypto than through using the SimpleSwap platform. SimpleSwap's advantages are speed and convenience, rather than price.
SimpleSwap Withdrawal fees
SimpleSwap doesn’t charge any additional fees for withdrawals, seeing that they never hold any cryptocurrencies to begin with. They are an instant exchange, and the cryptos you do purchase are purchased from other exchanges (Binance, Kraken etc.).
However, there are always network fees involved with transferring crypto, which is why we have listed the network fees under the withdrawal fee section of this exchange.
Deposit Methods and US-investors
Why do so many exchanges not allow US citizens to open accounts with them? The answer has only three letters. S, E and C (the Securities Exchange Commission). The reason the SEC is so scary is because the US does not allow foreign companies to solicit US investors, unless those foreign companies are also registered in the US (with the SEC). If foreign companies solicit US investors anyway, the SEC can sue them. There are many examples of when the SEC has sued crypto exchanges, one of which being when they sued EtherDelta for operating an unregistered exchange. Another example was when they sued Bitfinex and claimed that the stablecoin Tether (USDT) was misleading investors. It is very likely that more cases will follow.
SimpleSwap does not allow US-investors on its exchange. So if you’re from the US and would like to engage in crypto trading, you will have to look elsewhere. Luckily for you, if you go to the Exchange List and use our exchange filters, you can sort the exchanges based on whether or not they accept US-investors.
This platform is an entry-level exchange, meaning that it is one alternative for people who would like to enter the cryptocurrency market and does not have any cryptocurrency assets to begin with.